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Poverty expert wins Nobel prize in economics

Princeton University Professor Angus Deaton, one of the world's leading experts on poverty, has won the 2015 Nobel Prize in economics.

The Nobel was awarded to Deaton "for his analysis of consumption, poverty, and welfare," the prize committee said in its announcement at the Academy of Sciences in Stockholm, Sweden.

"This year's prize is about consumption -- great and small," it said.

Deaton has carried out extensive research in India and South Africa, and other parts of the developing world.

"I do foresee a decrease [in poverty]. We've seen a remarkable decrease over the past 20 years, and I do forecast that will continue," Deaton said after being honored on Monday. "But I don't want to sound like a blind optimist," he added.

The World Bank said recently that the number of people around the world living in extreme poverty will fall below 10% this year for the first time ever.